Silvergate Capital, a California based financial institution with an aim on digital currency businesses is preparing to raise up to $50 million via Initial Public Offering(IPO). As per documents filed with US Securities and Exchange Commission(SEC), the La Jolla situated bank is ready to go public with a target price it set on Tuesday.

Silvergate Bank has changed itself from being a conventional bank to one of the leading financial institutions for digital currency companies.

The bank will be listing its shares on the New York Stock Exchange(NYSE) under the stock symbol “SI”. The company further plans to utilize the funds for its “organic growth and for general corporate purposes”, including repayment of long-term debt, making future acquisitions and other growth associated incentives. The company also said that currently there are no plans for acquisitions.

Silvergate is often known to assist cryptocurrency exchanges and companies, who are rejected by the mainstream financial institutions for fear of money laundering, which is common in bitcoin and the unpredictability of regulatory associated with servicing cryptocurrency firms.

The bank, which has grown significantly in recent years, is getting in clients like Kraken, Gemini and Paxos. In 2014, it went on to sign its first cryptocurrency client, New York-based Digital Currency Group(DCG).

DCG, an investor in bitcoin and blockchain startups and owner of the news website CoinDesk, was one of the investors that invested in a private stock placement conducted by Silvergate earlier this year; the stock raised more than $100 million.

According to a filling, DCG has now generated $1.7 billion approximately from the digital currency sector.

As of September 30, the company had 483 digital currency customers, including both new and established digital currency customers. Currently, 145 prospective cryptocurrency customers are being onboarded by the bank.

The bank had 114 customers a year ago and about $609 million as deposits. It had also announced a net income of $14.3 million on September 30; same time last year, the bank reported $5.7 million.

In a prospectus, Silvergate said:

“Our ability to address these market dynamics over the past five years has provided us with a first-mover advantage within the digital currency industry that is the cornerstone of our leadership position today.”

Silvergate also estimated that the market for cryptocurrency clients is somewhere between $30 billion and $40 billion. The California based company was founded in 1988, which booked $16 million in net income for 12 months, as of September 2018.